2010/2011 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT AS OF FEBRUARY 15, 2012

Transcription

1 City of Upland Community Facilities District No (The Colonies at San Antonio) Improvement Area No. 1 $22,500,000 Special Tax Bonds Series A of 2004 San Bernardino County, California Bonds Dated: May 13, 2004 Base CUSIP + : 91535N 2010/2011 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT AS OF FEBRUARY 15, Via Industria Suite 110 Temecula, CA T F Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does 2009/2010 not serve in any way City as of a Victorville substitute CFD for the 90-1 CUSIP service. The City takes no responsibility Page 1 for of the 7 accuracy of such number.

2 City of Upland LIST OF PARTICIPANTS AGENCY Stephen Dunn Finance Director P.O. Box 460 Upland, California (909) BOND COUNSEL Stradling Yocca Carlson & Rauth Newport Beach, California DISTRICT ADMINISTRATOR DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services* Via Industria, Suite 110 Temecula, CA Phone (951) Fax (951) TRUSTEE Julia Hommel U.S. Bank National Association 633 West Fifth Street, 24th Floor Los Angeles, California (213) UNDERWRITER Wedbush Morgan Securities Solana Beach, California * In its role as Disclosure Consultant, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 I. INTRODUCTION Pursuant to an Official Statement dated May 5, 2004 the City of Upland ( City ), issued $22,500,000 Community Facilities District No (The Colonies at San Antonio), Improvement Area No. 1, Special Tax Bonds Series A of 2004 ( Bonds ). The proceeds of the Bonds were primarily used i) to finance the acquisition, construction and improvement costs of certain public infrastructure within Community Facilities District No (The Colonies at San Antonio) ( District ) Improvement Area No. 1, ii) to fund capitalized interest on the Bonds through September 2, 2004, and iii) to fund a Reserve Account for the Bonds. The District is located within the City of Upland, adjoining State Highway 210 both to the north and south, generally south of 20th Street and primarily to the east of Campus Avenue. The District is composed of two improvement areas. Improvement Area No. 1 ( IA No.1 ) is in the southern portion and Improvement Area No. 2 ( IA No. 2 ) is in the northern portion of the District. IA No. 1 comprises approximately 92 gross acres in the center and southern portions of the Colonies Project site, bordered generally on the east by Tanglewood Avenue and by Colonies Parkway between 19th Street and Tanglewood Avenue, and located to the north, east, and south of the flood control detention facility with a natural appearance, trails, and views. The Bonds are payable solely from the proceeds of the special tax to be levied annually on the real property with respect to IA No. 1 of the District. Neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on, the Bonds. The Bonds are not in any way a debt, liability or obligation of the City. This Annual Continuing Disclosure Information Statement is being provided, pursuant to a covenant made by the City, for the benefit of the holders of the Bonds and includes the information specified in Continuing Disclosure Agreements. For further information and a more complete description of the District, the City and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the City and by sources, which are believed to be accurate and reliable, but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the City, the District or any other parties described herein. 2010/2011 Upland, CFD , IA No. 1 Page 2 of 7

4 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bond Issue As of September 2, 2011 Communities Facilities District No Improvement Area No. 1 Special Tax Bonds Series A of 2004 $22,075,000 B. FUND BALANCES Bond Issue As of December 31, 2011 Reserve Fund $2,300,531 Reserve Requirement $2,250,000 Project Account Closed Capitalized Interest Closed City Account (1) $37 Escrow Account Closed (1) Funds in the City Account of the Acquisitions and Construction Fund shall be disbursed by the Trustee, as specified in a Request for Disbursement of Project Costs to the City for a portion of the Project Cost for the water reservoir facility, the Basin A landscaping and the construction of a fire station in Planning Area 14 as set forth in the Acquisition Agreement and for such other eligible costs designated in the Request for Disbursement of Project Costs by IA No. 1 of the District. III. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year ended June 30, 2011 will be separately filed with the Electronic Municipal Market Access System ( EMMA ) and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. CHANGES TO THE RATE AND METHOD OF APPORTIONMENT There have been no changes to the Rate and Method of Apportionment of Special Taxes approved or submitted to the qualified electors for approval prior to the filing of this Annual Report. 2010/2011 Upland, CFD , IA No. 1 Page 3 of 7

5 B. PREPAYMENT OF SPECIAL TAXES As of the date of this report, no prepayments of Special Taxes have occurred within IA No. 1 of the District. C. VALUE TO BONDED DEBT BY LAND USE The following table summarizes the assessed value to bonded debt for parcels in IA No. 1 of the District according to their Land Use Classification. Land Use Classification Number of Parcels Assessed Value Fiscal Year 2011/2012 Special Tax Maximum Special Tax Bonded (1) (2) Debt Assessed Value to Bonded Debt Residential 437 $199,201,136 $1,520,362 $1,808,537 $22,075, Total 437 $199,201,136 $1,520,362 $1,808,537 $22,075, (1) Bonded Debt is allocated to each parcel based on the pro rata share of the parcel s Maximum Special Tax times the principal amount of Bonds outstanding. (2) As of the date of this report there is no other land secured debt allocable to parcels within IA No. 1. Source: 2011/2012 San Bernardino County Secured Property Tax Roll as compiled by Willdan Financial Services. D. STATUS OF PUBLIC IMPROVEMENTS The following sets forth a list of public improvements acquired by the City with the proceeds of the Bonds. Projects CFD Cost Allocation Costs Incurred as of December 31, 2011 (1) Street Improvements $2,625,000 $2,625,000 Basin B, Basin A landscaping and improvements 5,406,925 5,406,925 Colonies Parkway (Street, Sewer, Water and Storm Drain) 2,907,565 2,907,565 Off-site Water Reservoir 1,195,000 1,195,000 School Facilities (2) 3,179,612 3,179,612 Residential In Tract Infrastructure 2,174,450 2,174,450 Contingencies and Development Fees 855, ,630 Total $18,344,182 $18,344,182 (1) Construction is complete (2) Funds for the School Facilities were transferred upon disbursement of the Bond funds to the Trustee to hold, as Custodian, on behalf of the Upland Unified School District, pursuant to the custody agreement. Source: City of Upland, Finance Director 2010/2011 Upland, CFD , IA No. 1 Page 4 of 7

6 E. PRINCIPAL PROPERTY OWNERS There are currently no parcels or property owners responsible for more than five (5%) percent of the Special Tax Levy. F. DELINQUENCY SUMMARIES The following table shows IA No. 1 of the District s outstanding delinquencies by Fiscal Year. Fiscal Year Annual Special Tax Levied Number of Parcels Levied Amount Delinquent (1) Number of Parcels Delinquent Percent of Parcels Delinquent 2006/2007 $1,366, $ % 2007/2008 $1,421, $ % 2008/2009 $1,529, $9, % 2009/2010 $1,463, $14, % 2010/2011 $1,492, $39, % (1) Delinquent amount as of September 14, Source: San Bernardino County Treasurer-Tax Collector, as compiled by Willdan Financial Services. G. PRINCIPAL PROPERTY OWNER DELINQUENCIES There are currently no principal property owners representing more than five (5%) percent of the Special Tax Levy that are delinquent in their payments of Special Taxes. H. FORECLOSURE PROCEEDINGS AND STATUS The District has covenanted for the benefit of the Owners of the Bonds that it (i) will commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of $10,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due; and (ii) will commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of the each Fiscal Year in which it receives Special Taxes in an amount which is less than ninety-five percent (95%) of the total Special Tax levied and the amount on deposit in the Reserve Account is at less than the Reserve Requirement; and (iii) will diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid. The City has taken the initial steps required toward foreclosure proceedings by mailing out twenty-four (24) Reminder Letters on February 11, Subsequently, the City mailed nine (9) Reminder Letters and twelve (12) Demand Letters on June 20, /2011 Upland, CFD , IA No. 1 Page 5 of 7

7 A Reminder Letter reminds property owners that the Special Tax has not been paid, and should be redeemed with the County. A Demand Letter informs the property owner that the Agency will be stripping the delinquent amount from the County Secured Property Tax Roll, and will pursue Foreclosure actions, if the amount is not paid. I. STATUS OF FUTURE BUILDING The District is fully developed; no additional residential building permits are anticipated to be issued. J. ADDITIONAL BONDED INDEBTEDNESS According to the Bond Indenture, Parity Bonds may be authorized provided that the aggregate principal amount of the Bonds and any Parity Bonds not exceed the total indebtedness authorized by IA No. 1 of the District. As of the date of this report, no such bonds have been issued. K. CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION A copy of the Annual Information Report, required to be filed by IA No. 1 of the District with the California Debt and Investment Advisory Commission, is set forth as Exhibit A. 2010/2011 Upland, CFD , IA No. 1 Page 6 of 7

8 EXHIBIT A [Remainder of this page intentionally left blank] 2010/2011 Upland, CFD , IA No. 1 Page 7 of 7

9 CDIAC #: Monday, October 24, :56:19AM I. GENERAL INFORMATION A. Issuer B. Community Facilities District Number/ Name C. Name/ Title/ Series of Bond Issue D. Date of Bond Issue E. Original Principal Amount of Bonds F. Reserve Fund Minimum Balance Required STATE OF CALIFORNIA MELLO_ROOS COMMUNITY FACILITIES DISTRICT (CFD) YEARLY FISCAL STATUS REPORT California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA P.O. Box , Sacramento, CA (916) Fax (916) Upland CFD No The Colonies at San Antonio IA No 1 Series A 2004 Special Tax Bonds $22,500, $2,250, For Office Use Only Fiscal Year II. FUND BALANCE FISCAL STATUS Balances Reported as of: A. Principal Amount of Bonds Outstanding B. Bond Reserve Fund C. Capitalized Interest Fund D. Construction Fund(s) June 30, 2011 $22,225, $2,250, $0.00 $0.00 III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A. Assessed Value Reported as of: 07/01/2011 From Equalized Tax Roll B. Total Assessed Value of All Parcels $199,201, IV. TAX COLLECTION INFORMATION A. Total Amount of Special Taxes Due B. Total Amount of Unpaid Special Taxes $1,492, $39, C. The Taxes are Paid Under the County's Teeter Plan No V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of : A. Total Number of Delinquent Parcels B. Total Amount of Taxes Due on Delinquent Parcels 09/14/ $62, VI. FORECLOSURE INFORMATION FOR FISCAL YEAR Date Foreclosure Commenced (Aggregate totals, if foreclosure commenced on same date) Total Number of Foreclosure Parcels Total Amount of Tax Due on Foreclosure Parcels VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status filing requirements. (If yes, Indicate reason for retirement.) $ $ $ $ $ VIII. NAME OF PARTY COMPLETING THIS FORM Name Title Firm/ Agency Address Daniel Louie Analyst Willdan Financial Services Via Industria, Suite 110 City Temecula State CA Zip Code Phone Number Ext dlouie@willdan.com

10 CDIAC #: Monday, October 24, :56:19AM STATE OF CALIFORNIA MELLO_ROOS COMMUNITY FACILITIES DISTRICT (CFD) YEARLY FISCAL STATUS REPORT California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA P.O. Box , Sacramento, CA (916) Fax (916) For Office Use Only Fiscal Year IX. ADDITIONAL INFORMATION\ COMMENTS Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law. Section of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.